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WBAL NewsRadio 1090: Franchot Criticizes Federal Tax Bill (AUDIO)

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Maryland's top tax collector doesn't think much of the federal tax reform bill President Trump just signed.

Comptroller Peter Franchot tells WBAL NewsRadio 1090 that the federal tax law which will consolidate tax brackets and double the exemption for taxpayers is poorly written and will add to the federal deficit.

Franchot and his staff are preparing a formal analysis of the new law's impact on Maryland. Franchot will present that to the legislature during the third week in January.

Franchot expects there will be Marylanders paying more federal taxes given that the tax deduction for state and local tax payments will be limited to $10,000.

That includes property tax payments.

Across the country, homeowners are scrambling to pay their 2018 property taxes The IRS said Wednesday that some homeowners who prepay local property taxes due in 2018 will be able to claim the deduction on this year's returns, but only if the taxes have already been assessed and billed.

People can't guess at what next year's assessment might be, pay it now and claim a deduction for that amount.

Franchot suggests homeowners contact an accountant to determine if they should pay their property taxes in advance.

Franchot, who at one time represented part of Montgomery County in the House of Delegates, criticized the Montgomery County Council which earlier this week voted to allow early property tax payments.

"I wouldn't have done it because I think it's unclear what the IRS is going to do with this next year, so people may be forward funding, putting thousands of dollars in the Montgomery County treasury, and not getting anything out of it," Franchot said.

The comptroller spoke to WBAL NewsRadio 1090 Wednesday, in an interview that aired during Thursday morning's WBAL News Now.

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